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21 Nov 2022, 18:15 GMT+10
In 2022, the market for transformer monitoring systems is anticipated to be worth US$2,785.2 Mn. By the end of 2032, it is anticipated to have grown at a CAGR of 8.9%, placing a value of US$ 6,539.2 Mn.
Recent years have seen an increase in electricity consumption due to rapid urbanisation and increased industrial activity. As the world moves toward smart grids for more efficient power distribution, the demand for transformer monitoring systems is expected to rise over the forecast period. According to FMI, revenue from transformer monitoring systems will increase at a CAGR of 10.1 per cent between 2021 and 2031.
The transformer monitoring system is a process-oriented system that measures quantities such as voltage and current, estimates measurement data using an algorithm, generates trends, and monitors models. During the assessment period, the introduction of internet of things (IoT)-based smart transformer technologies will boost the market growth.
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Green transformers are gaining popularity due to their low carbon footprint and high efficiency and reliability. To monitor these new transformers retrofit installations are required. Increasing renewable energy penetration and rising sales of green transformers will accelerate the demand for retrofit transformer monitoring systems in upcoming years.
According to International Energy Agency, global electricity consumption reached 22,848 TWh in 2019. China, India, Russia, and Brazil account for more than 39% of global consumption. The rise in electricity consumption in developing countries will boost market sales over the forecast period.
Top manufacturers are striving to reduce the installation cost of the monitoring system and make them more reliable and accurate. However, unpredictability in terms of regulatory policies and strained supply chain systems are the key challenges influencing the global market for transformer monitoring systems.
Key Takeaways from FMI's Transformer monitoring system Market Study
"It will be interesting to see how modernization in electricity transmission system will influence the demand for transformer monitoring system during the forecast period. The rising necessity to upgrade monitoring systems to comply with green transformers will boost the market growth in upcoming years," says the FMI analyst.
Prominent players operating in the transformer monitoring system market are:-
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More Insights on the Transformer monitoring system Market
In its latest report, FMI offers an unbiased analysis of the global transformer monitoring system market, providing historical data from 2017 to 2027 and forecast statistics for the period of 2021-2031. To understand the global market potential, its growth, and scope, the market is segmented based on by product type (hardware and software monitoring system), by application type (dissolved gas analysis, partial discharge, bushing monitoring, cooling control, and voltage regulation system), by installation type (newly installed units and retrofit units), by end-use (power transformers, distribution transformers, and other transformers), and by region (North America, Latin America, Western Europe, Eastern Europe, the Asia Pacific excluding Japan, Japan, and the Middle East & Africa)
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Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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The post The Germany Transformer Monitoring System Market Is Anticipated To Grow At A Cagr Of 7.9% Between 2022 And 2032, Says FMI appeared first on Future Market Insights.
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